Metropolitan Bank reports Q1 2022 net income $19.0M, EPS $1.69, revenues up 38.6% YoY

Metropolitan Bank Holding Corp.

2022-Q1 EPS reported $1.69 revenue$7,533,000

Net income $19.0M ($1.69 diluted EPS) vs $12.1M ($1.43) in Q1 2021, up 57%.
Total revenues $54.1M, up 38.6% YoY; BaaS revenues $5.7M, up 68.4% YoY.
Loans $4.1B, up 27.3% YoY; deposits $5.9B, up 34.2% YoY; non-interest-bearing deposits 53.5% of total.
Redeemed $25M of 6.25% subordinated debt; efficiency ratio improved to 45.5% from 52.1%.
ROATCE 14.0%; book value per share $50.88, up 23.9% YoY; tangible book value $49.99.

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